Objective: Resilience has always been one of the most fundamental issues of organizations, and managers are constantly trying to protect themselves from environmental changes, competitive conditions, and economic crises; therefore, achieving financial resilience for survival is of dual importance for businesses. On the other hand, financial self-efficacy refers to the proper management of assets, both at the individual and organizational levels, and can be considered as a fundamental solution to improve the financial situation. In addition, it can be expected that companies that introduce innovation into their business operations and operate as an agile organization will have greater financial stability and flexibility; therefore, this study examines the effect of financial self-efficacy and innovation on financial resilience with the mediating role of organizational agility.
Method: The present research method is based on an applied purpose and a descriptive survey design, and the statistical population includes employees and managers of small and medium-sized companies in Tehran, and the sample size was estimated to be 384 people using the Cochran formula. To collect data, standard questionnaires were used, which consisted of 18 items and its indicators were scored using a 5-point Likert scale. After confirming the validity and reliability, the data were distributed and collected among the statistical sample. Structural equation modeling was used in Smart PLS software to examine the research hypotheses.
Findings: Considering the confirmation of Cronbach's alpha, composite reliability, and convergent validity of the questionnaire, the collected data were analyzed and the results indicated that financial self-efficacy and innovation have a positive effect on organizational agility, and the positive effect of financial self-efficacy and innovation on financial resilience was also confirmed. In addition, the positive effect of organizational agility on financial resilience was also confirmed. Also, based on the results of the Sobel test, it was observed that organizational agility plays a mediating role in the effect of financial self-efficacy and innovation on financial resilience. Finally, the GOF index indicates a good fit of the research model.
Conclusion: Today, companies are facing complex conditions; from environmental changes and competitive pressures to the emergence of new technologies and economic crises. All these factors have caused companies to take various measures for survival and resilience. According to the results of the research, it can be argued that if companies use innovation in business operations and improve financial self-efficiency, while becoming an agile organization that is flexible to changes, financial resilience will also improve. Small and medium-sized companies always face a lack of financial resources and are at risk of bankruptcy. The probability of success of small and medium-sized companies increases with financial self-efficiency, and this enables them to ensure their survival by improving financial flexibility and adaptability. Finally, practical suggestions are provided.